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ASX drops, crypto shrugs off UK ban, NSW braces for more COVID cases

·Contributing editor
·4-min read
Here's everything you need to know about finance markets for Tuesday. Source: Getty
Here's everything you need to know about finance markets for Tuesday. Source: Getty

Good morning.

Here's everything you need to know about finance markets for today.

ASX: The Australian share market looks set to edge lower this morning. According to the latest SPI futures, the ASX 200 is expected to open the day 14 points or 0.2 per cent lower.

Wall Street: The Nasdaq and S&P 500 have hit all-time highs, fuelled by tech stocks as interest rates remain low, while investors awaited data on the US labour market due on Friday. Big tech companies including Facebook Inc, Apple Inc , Amazon.com Inc and Nvidia Corp were among the biggest boosts to the S&P 500 and the Nasdaq.

AUD: The Australian dollar is trading at 0.7569 to the US dollar as at 7am this morning.

Oil: Energy producers such could be under pressure today after oil prices tumbled lower. According to Bloomberg, the WTI crude oil price is down 1.7 per cent to US$72.83 a barrel and the Brent crude oil price has fallen 2 per cent to US$74.69 a barrel. Oil prices slipped from three-year highs ahead of OPEC talks.

Gold: Gold miners will be on watch after the gold price edged higher. According to CNBC, the spot gold price is up 0.1 per cent to US$1,779.50 an ounce. Growing COVID-19 fears supported the safe haven asset.

Cryptocurrency: The cryptocurrency market has shrugged off news of Britain’s financial watchdog banning one of the world’s largest Bitcoin exchanges from operating in the country. Despite the ban, Bitcoin rose more than 5 per cent on Monday to $35,017, although it is still lower than at the start of the month following China’s recent crackdown on bitcoin miners.

Lockdown support: NSW is bracing for an escalation in the number of locally acquired COVID-19 cases, as the state government prepares a support package for lockdown-affected businesses. Some 130 people have picked up the coronavirus locally since June 16, when the first case was reported at Bondi in Sydney's east.

Cash rate: Australia's recovery marches on with the economy posting its biggest monthly trade surplus on record and skilled vacancies striking their highest level in well over a decade, pointing to a further fall in the jobless rate. But there is little sign at this stage of the Reserve Bank of Australia changing its view on its interest rate outlook, even as a growing swell of economists believe a cash rate hike could be as early as next year.

Economic recovery: The mistakes of the Berejiklian New South Wales government about the timing of locking down Sydney is certain to lead to an extended period where parts of the economy go into hibernation, with restrictions and interstate border closures coming into play. The problem is escalating by the day. This is not good health news. This is not good news for the economy.

$3.75m fraud: A former bank worker has avoided jail over a more than $3 million financial scam after the Commonwealth Bank took eight years to report it to police. George Vrettakos was handed a three-year fully suspended jail sentence on Thursday over the fraud he confessed to more than a decade ago.

VIC MPs: Victorian members of parliament will receive a 2.5 per cent pay rise from July, raising questions of fairness in times of pandemic-induced financial hardship. The pay rise decision was made by the Victorian Independent Remuneration Tribunal, which released its annual "adjustment determination" for MPs on Friday.

National reshuffle: Nationals Senate Leader Bridget McKenzie has been returned to a ministerial role following Barnaby Joyce's election as party leader and deputy prime minister.

Ports union deal: After three years of negotiations, the Maritime Union of Australia has reached a "ground-breaking" workplace agreement with the world's largest stevedoring company. The deal with Hutchison Ports Australia will give hundreds of workers at container terminals in Sydney and Brisbane a 12.5 cent pay rise over four years once it's certified by the Fair Work Commission. It comes off the back of no pay rises for workers for three years.

Harvey Norman scam: Australia’s leading scam information agency has issued a warning about an SMS text-based phishing scam that appears to be from Harvey Norman. Here's everything you need to know to avoid getting caught.

No-go tax claims: As Sydney descends into lockdown and large parts of Australia watch the surging cases with concern, millions of Australians have stocked up on face masks and hand sanitiser. While many workers are required to wear masks and use hand sanitiser for their work, not everyone can claim the items on tax

Rich vs wealthy: We keep hearing that the rich are getting richer, don’t we? And it seems that COVID-19 made the gap even wider. So what is wealth, and what is the difference between being rich and being wealthy and which is better?

Have a great day.

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